47 NW 79th St
Miami, FL 33150
79 Street Market · Retail Property For Sale

Eleventrust is proud to present - 79 Street Market, located at 47 NW 79 Street, Miami, Florida 33150. The development site, located in the emerging market of Little River, consists of a retail building on 13,600 square foot parcel. The entire site is zoned T6-8-O, which allows a developer to build an 8 story, mixed-use building, with a density of 150 dwelling units per acre (i.e. retail/office - ground floor to mid-level floors). A developer can also request a reduction of the number of parking spaces required due to the site's close proximity to public transportation on NW 79th Street as well as the future 79th Street Transportation Hub that will feature the Virgin Train Lines. The acquisition would allow an investor/operator/developer two value add opportunities: Option A: Acquire a cash-flowing retail building that is producing $67,900 in rental income annually at cap rate of 4.94% with the potential to increase NOI to $77,500 at a cap rate of 5.64%. Option B: Acquire a development site, with 100 feet of frontage, on highly visible 79th Street corridor, for the future development of a mixed-use development project. The City of Miami is eager to assist work-force housing developers and willing to grant various bonuses to development sites (increase density, reduced parking requirements, etc.) in close proximity to public transportation hubs, especially for a site located on a major corridor and walking distance to a second (N. Miami Avenue). Workforce housing is currently in short supply in the City of Miami and any project catering to nurses, police officers, and teachers will be well received. In addition, any future tenant will have more disposable income and the ability to pay higher rents because they are utilizing public transportation and spending less on auto loans and associated expenses.